Heartbeats of the Economy Through the Lens of Talent Acquisition
As Observed by BountyJobs
The Numbers:
- Hiring activity on many of our ATS partners’ platforms was reported at 90+% of pre-COVID-19 levels in July
- 20% more agencies are engaging to fill open jobs
- Winning candidate to recruiter’s inbox lead-time shrunk from 7 down to 6 days
- The 30-day job fill rate for third-party recruiter sourced jobs is currently double than average
- Highest number of jobs offered for remote work were in medical devices, healthcare services, pharmaceuticals and biotech fields
- In addition to healthcare, biotech, medical devices; the aerospace & defense and financial services industries posted the most jobs in the past two months
- Source: BountyJobs Marketplace
U.S. Job Growth Report for July
The Numbers:
- ADP’s National Employment Report logged only 167,000 private sector jobs in July, a significant drop following May and June’s growth
- Employment at medium-sized businesses fell by 25,000
- Large business added 129,000 jobs
- Small businesses added 63,000 jobs
- Source: Staffing Industry Analyst
Majority of Small Businesses Are Attempting to Hire, Labor Market Remains Weak
The Numbers:
- 51% small business owners reported plans to hire in July
- 86% of those trying to hire reported few qualified applicants
- 52% of construction firms are finding few or no qualified candidates
- 25% of owners reported few qualified applicants for their open positions
- Source: National Federation of Independent Business
A Read on July Manufacturing Sector Economic Activity
The Numbers:
- July PMI® registered 54.2%, up 1.6 percentage points from the June reading of 52.6%
- This figure indicates expansion in the overall economy for the 3rd consecutive month
- Of the 18 manufacturing industries, 13 reported growth in July, 3 reported contraction
- The Imports Index registered 53.1%, a 4.3-percentage point increase from the June reading of 48.8%
- Source: Institute for Supply Management
IT Jobs Down 211,400 Over Year, But Sector ‘Significantly Better’ Than Overall Workforce
The Numbers:
- IT employment is down 1.46% month over month, and down by 3.95% year over year
- However, engineering rose by 1.73% month over month according to TechServe Alliance
- Source: Staffing Industry Analyst
Cybersecurity Professionals in High Demand Amid Pandemic
The Numbers:
- 508,000 job openings advertised between May and June 2020
- This would mean a 55% increase in total cybersecurity jobs
- Top states seeking cybersecurity experts: California, Virginia, Texas, New York, Florida & North Carolina
- On average, cyber security roles take 21% longer to fill than IT roles
- Top 3 industries seeking cybersecurity experts: professional services, finance and manufacturing
- Source: CyberSeek
Most Organizations Plan to Transition to Remote Work, a New Era for Hiring & Retaining Talent (Survey report)
The Numbers:
- 64% of organizations believe that hiring regardless of location will foster innovation & creativity
- 82% plan to offer more work flexibility or transition to fully remote work environments (65%)
- 48% of respondents agree that the financial barriers to entry in Silicon Valley mean the best talent is no longer there
- 64% of respondents believe that enabling companies to recruit talent regardless of location will drive greater creativity and innovation
- Source: Remote
Technologists Say They Will Seek Out Remote Work Going Forward. The Reason? Increased Productivity.
The Numbers:
- 53% say they are more productive
- 43% say they devote more time to work
- 40% state there’s more time for in-depth thinking
- 34% believe there’s more time for creative thinking
- 30% say there’s more time for backlog projects
- Source: Dice via Staffing Industry Analyst